1995 Legislative Session: 4th Session, 35th Parliament
FIRST READING
The following electronic version is for informational purposes only.
The printed version remains the official version.
HONOURABLE DAVID ZIRNHELT
MINISTER OF AGRICULTURE,
FISHERIES AND FOOD
Contents
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HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:
1 In this Act:
"fiscal year", "Minister of Finance", "trust funds" and "vote" each have the same meaning as in the Financial Administration Act;
"fund" means the Grains and Oilseeds Revenue Protection Plan Trust Fund established under section 2;
"national agreement" means the agreement among the governments of Canada and the provinces known as the National Agreement Establishing a Tripartite Gross Revenue Insurance Plan for crops;
"plan" means the farm income plan, for farmers of grains and oilseeds, that is set out in the Grains and Oilseeds Revenue Protection Plan Regulation, B.C. Reg. 328/94.
2 At the end of March, 1995
(a) an account called the Grains and Oilseeds Revenue Protection Plan Trust Fund is established as a trust fund, and
(b) that part of the balance in the Farm Income Assurance Fund special account at the end of March 31, 1995 that pertains to the plan must be paid into the fund.
3 The Minister of Finance is the trustee of the fund.
4 The fund consists of
(a) the money paid into it under section 2,
(b) all revenue from the premiums that are paid by farmers covered under the plan and by the governments of Canada and British Columbia,
(c) any interest and other income of the fund, and
(d) any money allocated to the fund by one or more votes.
5 The Minister of Finance may pay out of the fund money to be used
(a) for the purposes of the plan in accordance with its terms and conditions and with the national agreement, or
(b) for the purpose of the proper disposition of any remaining assets and liabilities of the fund on termination of the plan in accordance with its terms and conditions and with the national agreement.
6 The Lieutenant Governor in Council may repeal this Act by regulation on termination of the plan in accordance with the terms and conditions of the plan and with the national agreement.
7 Section 5 of the Special Accounts Appropriation and Control Act, S.B.C. 1988, c. 26, is repealed.
8 Money may be paid out of the general fund of the consolidated revenue fund after the end of March, 1995 in satisfaction of liabilities incurred on the basis of an appropriation under the Farm Income Assurance Fund special account.
9 This Act is deemed to have come into force at the end of March 31, 1995, and is retroactive to the extent necessary to give it effect on and after that date.
This Bill establishes a trust fund for the administration of monies expended for the purposes of the Grains and Oilseeds Revenue Protection Plan and in accordance with the agreement among the governments of Canada and the provinces known as the National Agreement Establishing a Tripartite Gross Revenue Insurance Plan for crops.
Section 7 of this Bill repeals section 5 of the Special Accounts Appropriation and Control Act in order to disestablish the Farm Income Assurance Fund special account as a consequence of the establishment by this Bill of the Grains and Oilseeds Revenue Protection Plan Trust Fund, using money in an amount equal to part of the balance of the Farm Income Assurance Fund special account. The remaining balance of the latter special account remains part of the general fund of the consolidated revenue fund.
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